07 - January monthly financial report

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City of Paris January 2021 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections reported are 5.95% less than this time last year ($355,869). As of the date this report was prepared, not all January collections have been reported due to the closure of the LCAD office because of Covid 19. Those collections should be reflected in the February financial report. 2. Sales taxes are up 20.69% from last year ($518,961). This is due to $271,776 in collections derived from audit payments. Even without this wind fall, collections would be up 9.85%. 3. Hotel occupancy taxes are down 11.22% compared to last year ($45,488). 4. Franchise fees are down 11.87% compared to last year (125,019). This is primarily due to Atmos paying late for FY 2019 which caused 5 quarterly payments in FY 2020. 5. Permit fees are down 26.81% from last year. ($21,075) 6. Municipal Court fines and related fees are down 23.81% ($20,547) below last year's collections. 7. Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. This revenue is up 7.91% ($21,132). 8. Sanitation fees are up $1,125 when compared to last year's collections. 9. EMS fees are down 2.72% compared to last year. ($29,953) 10. Total General Fund revenues are 0.47% less than last year ($56,734). This decrease was due to unreported property tax revenues caused by closure of the LCAD office because of Covid-19. 11. Total General Fund expenditures are down 1.11% ($88,706) compared to last year. General Fund expenditures to date equal 32.08% of budget with the City being 33.33% through the budget year. 12. Sewer revenue is up 6.07% ($130,004). 13. Water revenue is up 8.28% ($211,412). 14. Other revenue sources are up 15.30% ($27,727). 15. Total Water & Sewer revenues, ignoring transfers and adjustments, are 7.57% above last year and represents 48.40% of the total budget. 16. Total Water & Sewer expenses are 11.39% above last year at this point and represent 22.16% of the total budget (47.32% adjusted for debt payments.) The City is 33.33% through the budget year. Departmental Expenditure Summary: At this point the City is four months or 33.33% through the budget year. It is important to remember that expenditures do not occur equally throughout the year. For example, capital expenditures and association memberships are one time expenditures that if made early in the fiscal year can produce a distorted expenditure percentage. Within the General, Water & Sewer, and Sanitation Funds there are six departments whose expenditures are over 33.33%.